In theory, the job cuts at Barclays should show up most clearly in London. This, after all, is where Barclays’ fixed income salespeople and traders are concentrated. Weirdly, however, the Financial Conduct Authority (FCA) register shows that Barclays has only dispensed with 174 registered individuals in London since the May strategy announcement – just 6% of the total number of people that King says have been let go.

Barclays didn’t return a request to comment on its layoffs. We have therefore been forced to reach several conclusions of our own. And they are:

– Barclays’ redundancies are focused upon junior staff who aren’t registered with the FCA.

Your suggestions would be much appreciated. In the meantime, it’s worth noting that Barclays has lost one senior fixed income trader in the past month: Mike Osman an inflation trader who’d been with the bank for a decade at least is there no longer.